Grain Express 10/20/22
Posted: Oct. 20, 2022, 9:20 a.m.
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Weekly Export Sales
Corn: Net sales of 408,300 MT for 2022/2023
Soybeans: Net sales of 2,335,600 MT for 2022/2023
Wheat: Net sales of 163,100 metric tons (MT) for 2022/2023
Cotton: Net sales of 84,500 RB for 2022/2023
A Look at the Outside Markets
Equity markets are mixed, crude oil is up 1.50%, and the U.S. Dollar moderately lower.
Corn
Yesterday's session was very similar to the Tuesday session, in the sense that we were weaker overnight, steady for much of the day, and then found some moderate buying in the last 20 minutes of trade. Yesterday's lows came in just above 3-star support, which keeps it intact from 668 1/2-672. A break and close below here would neutralize our bias. The Bulls want to see a conviction close or consecutive closes back above 680-684 to encourage another run back at the psychologically significant $7.00 handle. Today is the last day for the December corn seasonal, the line in the sand is 683 1/2.
Seasonal Trend in Play: December corn has been higher from October 10th-October 20th for 13 of the last 15 years.
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Soybeans
Soybean futures tested and held 4-star support yesterday, that has been outlined in our daily reports as 1345-1355. The recovery from those lows has led to some additional buying in the early morning trade. If the Bulls can continue to defend those support levels, we could see prices drift back towards the top end of the recent range, 1407 1/2-1415 3/4.
Seasonal Trend in Play: November soybeans have been higher from October 4th-October 27th for 13 of the last 15 years.
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Wheat
December wheat futures have been treading water near our 4-star support pocket, 839-849. If the Bulls fail to defend this pocket on a closing basis, it could cause additional weakness. With that said, if the Bulls can defend it, we could see the market work back towards the 100-day moving average, 884 1/4. Does that sound like we are talking out of both sides of our mouth? Because we are. This has been a choppy choppy market, which has kept our bias at neutral. I don't think there's anything that would surprise us in this market anymore.
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